Estée Lauder has confirmed 1 Fitzroy Place will be its new UK and Ireland headquarters, as tipped by Property Week.
The UK arm of the cosmetics brand is pre-letting the entire 144,000 sq ft building at Exemplar, Aviva Investors and Kaupthing’s Fitzroy Place.
The 3-acre site of the former Middlesex Hospital in Fitzrovia, will create a £750m development with 220,000 sq ft of office space.
Estée Lauder Cosmetics, an affiliate of The Estée Lauder Companies, will bring all its London employees and education facilities under one roof, as well as creating branded retail storefronts at street level.
It is anticipated the company – whose brands include Estée Lauder, Clinique, MAC, Bobbi Brown, and Tommy Hilfiger - will take up the space by the end of 2015.
William P. Lauder, executive chairman of the Estée Lauder companies, said: “Our company first launched in the UK in 1960. Our commitment to this important heritage market is only reaffirmed by this outstanding milestone move to this prestigious location. I am confident that this new space will support our aspirations of continued growth and success in the UK and Ireland.”
Neil McLeod, head of London Offices for Aviva Investors, and Daniel Van Gelder, Exemplar co-founder, said: “The Estee Lauder Companies’ decision to select Fitzroy Place for their UK and Ireland affiliate headquarters, is a testament to not only the quality of Fitzroy Place, but the vibrancy and excitement of Fitzrovia.”
The deal is a substantial fillip for Fitzroy Place and the broader West End market, which is increasingly dependent on pre-lets.
It will leave only the smaller 80,000 sq ft 2 Fitzroy Place available ahead of completion later this year.
Estée Lauder, advised by Knight Frank, had previously whittled down its shortlist to two options, including Blackstone’s refurbishment of the art deco Adelphi building on the Strand.
The 3-acre site of the former Middlesex Hospital in Fitzrovia will create a £750m development with 220,000 sq ft of office space.
CBRE and JLL are letting agents on Fitzroy Place.